Financial Management

1. Explain briefly the Basic Concept of Basic pay/ Financial Management.
New task leaders and managers have to set about at least basic skills in pecuniary
management. Expecting others in the makeup to manage finances is clearly asking for
trouble. Basic skills in fiscal management start in the critical areas of bills management and
bookkeeping, which should be d unmatched according to certain financial controls to ensure integrity
in the bookkeeping process. New leaders and managers should briefly go on to learn how to
generate financial didactics (from bookkeeping journals) and analyze those lines to
really ascertain the financial coach of the business. Financial analysis show the reality of
the situation of a business seen as such, financial management is only one of the most
important practices in management
ROLE OF TREASURER AND BOARD pay COMMITTEE
If your small business is a corporation, you would do well to light upon psyche experienced in
financial management and encourage them to be your board treasurer your board chair has
this responsibilities to find someone suitable as well therefore its important to understand the
role of the board treasurer .




GETTING AN ACCOUNTANT OR BOOKKEEPER, IF NEEDED
If you are inexperienced in financial management, them you should get an accountant
ab initio to swear out you to set up your bookkeeping system, generate financial statements and do
some basic financial analysis. But dont count on a accountant to completely progeny over your
responsibility for financial management. The accountant can help you set up a bookkeeping
system, generate financial statement and analyze them, but you have to understand financial
data to the bound that you can understand the effects of your management decision. The
current ascertain of your business and how decisions will effect the financial condition of your
business in the future.
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